It is very important in the study of economics to know the difference between “d

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It is very important in the study of economics to know the difference between “d

It is very important in the study of economics to know the difference between “demand” and “quantity demanded” and between “supply” and “ quantity supplied.”
A change in price will result in a change in quantity demanded or quantity supplied and thus cause movement up or down either curve.
There are other non-price determinants of demand and supply that can cause the curves to shift either right or left, indicating a change in demand or supply at every price. A shift to the right – also referred to as an outward shift – denotes an increase in demand (supply), while a shift to the left – aka an inward shift – denotes a decrease.
Your Task: Choose one non-price determinant of demand and supply each and discuss how it applies to a currentmarket topic. This is your original post, for up to 4 points.
Example: In recent years, U.S. consumer preferences shifted from fresh flowers to ornamental plants [Ref: http://www.intracen.org/blog/Cut-Flower-imports-into-the-United-States-diminished/; Source: International Trade Centre]. The primary impact of this would be an inward shift of the demand curve for fresh flowers and an outward shift in the demand curve for ornamental plants.
I have provided an example of a shift in the demand curve only; you are expected to provide an example of each.
For your response post, read your classmates’ posts and respond to at least one that caught your attention. It could be a product or service you did not know about, or a context you were not familiar with.

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